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Why are ransomware gangs making so much money?
Hackers almost doubled there earnings in 2023 to rake in $1 billion in 2023, fuelled by a continued lack of ransom payment ban
This drop is a result of improved cyber defenses and resiliency, along with the growing sentiment that most victim organizations don’t trust hackers to keep their promises or delete any stolen data as they claim. This huge hack saw the prolific Russia-linked Clop ransomware gang mass-exploit a never-before-seen vulnerability in the widely used MOVEit Transfer software to steal data from the systems of more than 2,700 victim organizations. “A ban on ransom payments will be painful and, if history is any guide, will likely lead to a short-term increase in ransomware attacks, but it seems like this is the only solution that has a chance of long-term success at this point,” said Liska.
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